＜Research＞M Stanley Lifts CNOOC (00883.HK) TP to $22.7, Rates Overweight

　　Morgan Stanley commented in a research report that investors have recently shifted to higher-yielding stocks. CNOOC (00883.HK) +0.150 (+0.641%) Short selling $242.40M; Ratio 16.422% H-shares are still offering a yield of more than 6% compared with China's 10-year government bond yield of just 2.3%, driving capital flows into the stock and providing room for a re-rating.

　　The broker expected CNOOC's cost performance to continue to outperform the other 2 oil leaders in China. In addition, CNOOC's low-cost operating strategy and proven execution record will enable the company to fully benefit from high oil prices.

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　　The bank also noted that CNOOC's commitment to dividend per share and dividend payout ratio for FY23 to FY24 may indicate the management's confidence in constructive oil prices and the company's earnings performance. Taking into account the above factors, Morgan Stanley raised its target price on CNOOC H-shares from $19.8 to $22.7 and rated it Overweight.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-04 16:25.)

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